Thursday, November 30, 2017

gst input credit utilisation




CGST Means: Central Goods and Service Tax (Intra State Transactions)
SGST Means: State Goods and Service Tax (Intra State Transactions)
SGST Means: Integrated  Goods and Service Tax (Inter State Transactions)


GST INPUT TAX CREDIT SET OFF RULES

CGST INPUT TAX CREDIT


  • CGST Input Tax Credit First utilized towards payment of  CGST
  • CGST Input Tax Credit Second utilized towards payment of IGST

SGST INPUT TAX CREDIT


  • SGST Input Tax Credit First utilized towards payment of  SGST
  • SGST Input Tax Credit Second utilized towards payment of IGST

IGST INPUT TAX CREDIT


  • IGST Input Tax Credit First utilized towards payment of IGST
  • IGST Input Tax Credit Second utilized towards payment of CGST
  • IGST Input Tax Credit Third utilized towards payment of SGST


CGST AND SGST INPUT TAX CREDIT CANNOT SETOFF

  • CGST Input Tax Credit cannot be used to set off against SGST
  • SGST Input Tax Credit cannot be used to set off against CGST

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